If you are a developer, builder, contractor, subcontractor or supplier, did you know that if you ignore providing a response to a payment claim under the Building and Construction Industry Payments Act it can end up costing you a substantial amount of money?

In a recent case a major developer failed to provide a payment schedule to a contractor in time in response to a payment claim. Notwithstanding that the claim was disputed in the amount of $8 million, the developer had to pay almost $14 million because of its failure to respond.

This Act was introduced to set up a scheme of payments for those who carry out construction work or supply goods and services under a construction contract.

It was designed to make the previous system fairer and more streamlined. It applies to construction work and the supply of related goods and services.

It was also introduced to provide a quick resolution and system for recovery of payments and for speedy resolution of disputes.

Claims can be made for construction work which includes building work under the QBSA Act or for payment of goods and services.

Hatzis Lawyers deals with such matters and can give you advice in this area before it costs you money. Contact us first before the trouble and anguish start.